Japan stocks surge as yen tumbles on data

LOS ANGELES (MarketWatch) -- Japanese stocks jumped sharply at the Friday open, with exporters rallying on a hard drop in the yen and banks rising after the U.S. S&P 500 index
SPX, -0.23%
ended at a five-year high overnight. The Nikkei Stock Average
NIK, -0.79%
shot 1.6% higher to 10,825.55, while the Topix rose 1.4% to 901.45, topping the 900 level for the first time since the March 2011 earthquake and tsunami. With the dollar above ¥89 mark for the first time since 2010, and the euro beating out the ¥118 handle, currency-sensitive Japanese exporters were among the top gainers. Nikon Corp.
7731, -1.09%NINOF, -18.21%
rose 2.7%, Honda Motor Co.
7267, +7.05%HMC, +7.30%
improved by 2.1%, Mazda Motor Corp.
7261, -2.38%MZDAF, +0.53%
rocketed 4.6% higher, Panasonic Corp.
6752, -0.03%PC, +0.60%
added 2.3%, and Sharp Corp.
6753, +1.83%SHCAF, -11.43%
blasted 10.2% higher. Banks and insurers also did well after financials led the gains for U.S. shares overnight. Sumitomo Mitsui Financial Group Inc.
8316, -1.64%SMFG, +4.75%
and Nomura Holdings Inc.
8604, -1.76%NMR, -0.14%
each rose 1.8%, while Dai-ichi Life Insurance Co.
8750, -3.41%DCNSF, +2.03%
added 2.6%, and non-life insurer Tokio Marine Holdings Inc.
8766, -1.82%TKOMF, +1.43%
jumped 4.8% on the back of recent gains. Meanwhile, Fast Retailing Co.
9983, -1.43%FRCOF, +5.19%
rose 4% in early trade after hiking its full-year profit outlook Thursday.

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